Meera Pillai

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Bill introduced to implement new Commercial and Industrial Property Tax that progressively replaces Land transfer (stamp) duty from 1 July 2024

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Bill introduced to implement new Commercial and Industrial Property Tax that progressively replaces Land transfer (stamp) duty from 1 July 2024

The Victorian State Government has introduced a highly anticipated bill to implement the new Commercial and Industrial Property Tax with only three months to go until the 1 July 2024 start date. Those looking to acquire commercial or industrial properties or plan restructures within existing corporate/family groups should consider the interaction of the new regime with existing taxes.

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Significant changes to Victorian land tax assessments to result in higher land tax bills

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Significant changes to Victorian land tax assessments to result in higher land tax bills

Land tax assessments are now being issued in Victoria, with landowners finding their land tax bills to be substantially higher than expected, due to significant changes from 1 January 2024.  Hundreds of thousands of taxpayers will also be receiving land tax assessments for the first time altogether.

NSW taxpayer denied Stamp Duty Exemption as Deed ‘Agreement to Transfer’ (and dutiable) and not ‘Transfer of Property’ in Imbree

NSW taxpayer denied Stamp Duty Exemption as Deed ‘Agreement to Transfer’ (and dutiable) and not ‘Transfer of Property’ in Imbree

On 24 January 2024, in Imbree v Chief Commissioner of State Revenue [2024] NSWCATAD 22 (Imbree) the NSW Civil and Administrative Tribunal (Tribunal) held land transfer (stamp) duty was payable with respect to transfer of property to a superannuation fund as the Deed was held to be an ‘agreement to transfer’ (and dutiable) and not a ‘transfer of property’ and therefore did not qualify for exemptions.

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Khalil - Discretionary trust triggers foreign land tax surcharge due to incorrectly drafted exclusionary clause

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Khalil - Discretionary trust triggers foreign land tax surcharge due to incorrectly drafted exclusionary clause

This is a cautionary tale for ensuring that discretionary trust deeds are amended correctly so that “foreign” land transfer (stamp) duty and land tax surcharges are not triggered. Unfortunately, in the decision of Khalil & Associates Pty Ltd ATF The George Khalil Family Trust v Chief Commissioner of State Revenue [2024] NSWCATAD 23 (Khalil), the NSW Civil and Administrative Tribunal (Tribunal) found the particular amendment did not prevent the triggering of such a surcharge.

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Vacant Residential Land Tax Changes and Significant Actions Required by Landowners

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Vacant Residential Land Tax Changes and Significant Actions Required by Landowners

Changes to the Victorian vacant residential land tax (VRLT) will take effect from 1 January 2025 and 1 January 2026.

As vacant residential land tax assessments for 2025 will be based on usage from 1 January 2024 to 31 December 2025- it is critical that landowners are across the changes now.

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Holiday homes to be hit by Victoria’s vacant residential land tax unless usage documented

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Holiday homes to be hit by Victoria’s vacant residential land tax unless usage documented

Expansion of the Vacant Residential Land Tax, from 1 January 2025, will start to capture holiday homes outside of inner/middle Melbourne. Therefore, holiday homeowners should consider their vacant residential land tax position.

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New Year – New Changes: Top 20 Victorian State Tax Measures From 1 January 2024, Including Vacant Residential Land Tax Changes

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New Year – New Changes: Top 20 Victorian State Tax Measures From 1 January 2024, Including Vacant Residential Land Tax Changes

Victoria has a wide range of significant State tax changes commencing 1 January 2024 which impact numerous individuals, businesses, and land holders. Many were introduced under the State Taxation Acts and Other Acts Amendment Act 2023 which received Royal Assent on 12 December 2023.